Originally published by the Voice of America (www.voanews.com).
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August 13, 2009

US Retail Sales Fall; Foreclosures Rise
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http://enews.voanews.com/t?ctl=25FA81A:A6F02AD83191E160076EE72E53E2D1E97F0EB4B66EA3A89D&
 
Thursday's gloomy data contrasts with Wednesday's US central bank report
that seemed to show recession easing 
Customers pay for their purchases at the check out counter of the new JC
Penney store in the Manhattan Mall during the grand opening in New York,
31 Jul 2009U.S. retail sales dropped one-tenth of a percent in July,
surprising many economists who had predicted a gain. Economists watch
retail sales closely because consumer demand drives about two-thirds of
the U.S. economy. Retail sales fell even though a government program
called "cash for clunkers" boosted auto sales. Commerce
Department data show that without the cash from Washington, retail
sales would have fallen even further (six-tenths of a percent).The
new figures follow a report from a private company showing problems in
the U.S. housing market surged in July. Analysts say falling home
prices and the recession left more homeowners unable to keep up their
payments or refinance their homes. The real estate information
company Realty Trac shows one out of every 355 U.S. households with a
home loan was warned about falling behind on payments or told their
home would be repossessed. Realty Trac Chief
Executive James Saccacio says the foreclosure data is an indication
that government programs designed to help homeowners are not doing
enough. The collapse of the U.S. housing market helped spark the global
financial crisis. Thursday's
gloomy data contrasts with Wednesday's U.S. central bank (Federal
Reserve) report that seemed to show the recession easing. Some
information for this report was provided by AFP, AP and Reuters.


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